Reference no: EM133042398
Question - The following transactions occurred for a new motel for the month of January 2021.
Jan 1 The owner invested $250,000 cash in the business as its capital.
Jan 1 The owner borrowed $200,000 on a mortgage payable at 8% interest.
Jan 1 The owner paid $285,400 cash for a building.
Jan 1 Equipment was purchased for $48,000, paying $12,000 cash; and the balance owed on a note payable.
Jan 8 Linen inventory was purchased for $7,894 cash.
Jan 14 Supplies were purchased for $3,200 on account.
Jan 15 The owner paid $4,200 on an annual liability and casualty insurance policy.
Jan 17 Vending inventory was purchased for $540 cash.
Jan 24 Room sales revenue during the month was $58,740; 98% cash and 2% credit cards.
Jan 30 W ages of $3,120 cash were paid.
Required - Record the necessary journal entries related to the above transactions and post them into modified T ledger accounts.
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